Legal Question in Bankruptcy in Nevada

bankruptcy and payday loans secured by personal check

I am on social security. I am also a compulsive gambler. I receive $1090 payments and pay out on $2000 in loans secured by a post dated checks. I last declared bankruptcy on 7/96. I am smothering in interest, which approach 400%. I can't afford the expenses for needed RX and and food. I have other medical bills that I just igore. Is bankruptcy a viable option?


Asked on 7/29/03, 12:43 pm

1 Answer from Attorneys
Dorothy Bunce

Bankruptcy/ Payday loans/Gambling problems

Bankruptcy can eliminate your post-dated checks with the 'Payday loan" companies. But what are you going to do in the future when you once again resort to spending money you don't have to support your gambling addiction? Bankruptcy would only be a temporary fix because as long as you have a gambling problem, you are going to wind up back in the same circumstances you are facing now.

You can take some comfort from the fact that your social security check is protected from being taken by a court judgment; but you may have to actively prove that your checking account is in fact entirely social security in order to use this defense.

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Answered on 7/29/03, 1:03 pm


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